The proposed bill, known as the Electric Rate Stabilization Act, aims to amend the South Carolina Code of Laws by adding a new article that establishes a framework for public utilities providing retail electric services to adjust their rates and charges based on changes in expenses, revenues, and investments. The bill outlines a procedure for utilities to elect to apply these adjustments, which would remain in effect until the next general rate proceeding. It also mandates that utilities file monitoring reports quarterly, detailing their financial performance and any necessary adjustments to maintain compliance with established rate structures.

Additionally, the bill includes provisions for the Office of Regulatory Staff to review these monitoring reports and propose adjustments as needed. It allows for interested parties to challenge rate adjustments and requires the commission to issue initial and final orders regarding any proposed changes. The act also authorizes additional staffing for the Office of Regulatory Staff, funded by assessments on the regulated electric utilities. This comprehensive approach aims to ensure transparency and accountability in the rate-setting process while providing a mechanism for utilities to respond to financial changes effectively.